• Sensex   44149.72   -110.02  sensex_dwn_arr
  • Nifty   12968.95   -18.05   sensex_dwn_arr
  • Bank Nifty   29609.05   0.20   sensex_up_arr
  • BSE Midcap   16914.65   1.91  sensex_up_arr
  • USDINR   74.22   0.19   sensex_up_arr
Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Benchmarks hit day's high as banks rally
(14:27, 20 Nov 2020)

Key indices extended recovery and hit the day's high in mid-afternoon trade, supported by firmness in banks shares. The Nifty marched towards the 12,900 mark amid high volatility.

At 14:26 IST, the barometer index, the S&P BSE Sensex, rose 403.20 points or 0.92% at 44,003.16. The Nifty 50 index advanced 110.75 points or 0.87% at 12,882.45.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.28%. The S&P BSE Small-Cap index gained 0.94%.

Buyers outpaced sellers. On the BSE, 1507 shares rose and 1201 shares fell. A total of 189 shares were unchanged.

Economy:

The credit ratings agency, Fitch Ratings, has said that economic reforms in India could support the country's medium-term growth. Fitch expects Indian government to undertake more reform measures over next few years and while it also expects reforms to also take place at state-level.

Meanwhile, Moody's Investors Service has revised its GDP projection for India in 2020-21 to a 10.6% contraction compared to a 11.5% drop it had estimated. The rating agency has also marginally elevated its forecast for 2021-22 GDP growth from 10.6% to 10.8%.

Further, Barclays has modestly revised its expectations of India's gross domestic product (GDP) growth for FY21 to minus 6.4% from minus 6% earlier to reflect marginally weaker incoming data it had earlier anticipated. However, it is upbeat about an economic revival in the economy from the next fiscal year which is FY22 and has also raised its FY22 GDP growth forecast to 8.5% from 7% earlier, to reflect a faster recovery in services amid continued policy support. Barclays also held that a possible vaccine roll-out from Q1 21 should broaden the recovery from farm and manufacturing to services.

Buzzing Index:

The Nifty Bank index rose 1.32% to 29,285.20. The index fell 2.85% yesterday.

Kotak Mahindra Bank (up 3.29%), HDFC Bank (up 2.40%), SBI (up 1.81%), ICICI Bank (up 0.71%), IDFC First Bank (up 0.70%) and Federal Bank (up 0.51%) advanced.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged higher to 74.12 compared with its previous closing 74.27.

The US dollar index (DXY), which tracks the greenback's value against majors, rose 0.02% to 92.31.

The yield on 10-year benchmark federal paper was currently trading flat at 5.878%.

MCX Gold futures for 4 December 2020 settlement rose 0.15% to Rs 50,068.

In the commodities market, Brent crude for January 2021 settlement added 5 cents to $44.25 a barrel. The contract lost 0.32% or 14 cents to settle at $44.20 in the previous trading sessions.

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